Insider Selling: First Bancorp (NASDAQ:FBNC) Insider Sells 5,000 Shares of Stock

First Bancorp (NASDAQ:FBNC) insider Mary Clara Capel sold 5,000 shares of First Bancorp stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $59.31, for a total value of $296,550.00. Following the transaction, the insider owned 20,400 shares in the company, valued at $1,209,924. This represents a 19.69% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Mary Clara Capel also recently made the following trade(s):

• On Friday, January 30th, Mary Clara Capel sold 2,642 shares of First Bancorp stock. The shares were sold at an average price of $57.75, for a total transaction of $152,575.50.
• On Wednesday, January 28th, Mary Clara Capel sold 2,500 shares of First Bancorp stock. The shares were sold at an average price of $57.26, for a total transaction of $143,150.00.

First Bancorp Stock Up 2.3%

FBNC traded up $1.36 during trading on Wednesday, reaching $60.90. 57,107 shares of the stock traded hands, compared to its average volume of 287,491. First Bancorp has a fifty-two week low of $34.50 and a fifty-two week high of $62.31. The stock’s 50-day simple moving average is $53.96 and its two-hundred day simple moving average is $52.24. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.82 and a quick ratio of 0.82. The stock has a market cap of $2.53 billion, a price-to-earnings ratio of 22.65 and a beta of 0.90.

First Bancorp (NASDAQ:FBNC) last issued its quarterly earnings data on Wednesday, January 21st. The financial services provider reported $1.19 earnings per share for the quarter, beating analysts’ consensus estimates of $1.03 by $0.16. The business had revenue of $83.90 million for the quarter, compared to the consensus estimate of $123.43 million. First Bancorp had a return on equity of 10.57% and a net margin of 19.24%. As a group, equities research analysts expect that First Bancorp will post 3.27 EPS for the current year.

First Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 24th. Shareholders of record on Tuesday, March 31st will be paid a $0.24 dividend. This is a positive change from First Bancorp’s previous quarterly dividend of $0.23. This represents a $0.96 annualized dividend and a yield of 1.6%. The ex-dividend date is Tuesday, March 31st. First Bancorp’s dividend payout ratio is currently 34.33%.

Hedge Funds Weigh In On First Bancorp

Institutional investors have recently made changes to their positions in the business. Royal Bank of Canada lifted its stake in shares of First Bancorp by 6.8% during the 1st quarter. Royal Bank of Canada now owns 43,558 shares of the financial services provider’s stock valued at $1,749,000 after buying an additional 2,781 shares in the last quarter. AQR Capital Management LLC bought a new stake in First Bancorp during the 1st quarter valued at approximately $318,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in First Bancorp by 5.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,935 shares of the financial services provider’s stock valued at $961,000 after acquiring an additional 1,160 shares during the last quarter. Millennium Management LLC bought a new position in First Bancorp during the first quarter valued at approximately $4,046,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in First Bancorp by 6.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 258,671 shares of the financial services provider’s stock worth $10,383,000 after acquiring an additional 15,570 shares during the last quarter. Institutional investors own 68.36% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on FBNC shares. Weiss Ratings reiterated a “hold (c)” rating on shares of First Bancorp in a research report on Thursday, January 22nd. Wall Street Zen lowered shares of First Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. Raymond James Financial upgraded shares of First Bancorp from a “market perform” rating to a “strong-buy” rating and set a $62.00 target price on the stock in a report on Wednesday, January 7th. Finally, Zacks Research cut First Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 1st. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $58.00.

About First Bancorp

First Bancorp operates as the bank holding company for First Bank, offering a broad range of commercial and consumer banking services. Its core offerings include business lending, treasury and cash management, residential and commercial mortgage financing, and consumer deposit products. Through its subsidiary, First Bank provides online and branch-based banking solutions, including checking and savings accounts, certificate of deposits, and digital banking tools designed to meet the needs of individuals, small- to mid-sized businesses, and professional institutions.

The company maintains a network of full-service banking centers and loan production offices across North Carolina and South Carolina, with a focus on markets in the Piedmont, Sandhills and coastal regions.